LARKSPUR, CA -- (MARKET WIRE) -- 04/10/08 -- LRG Capital Group, LLC, a global investment,banking and advisory boutique, announces the strategic partnership withAdmiral Capital Management, LLC to create the LRG Capital/Admiral FlagshipFund -- an opportunistic, convertible-centric, multi-strategy hedge fund.The Fund will be managed by William Ellsworth (CEO/CIO of Admiral Capital)in a parallel fashion to the Admiral Flagship Master Fund, Ltd. launched onJanuary 5, 2007 with $110 million in assets under management."Recent economic and financial market turmoil has created investmentopportunities for the Fund," said Lawrence Goldfarb, CEO of LRG CapitalGroup. "The dynamic credit environment is creating better value anddirectional credit opportunities from both long and short sides. Ourpartnership with Admiral Capital allows us to add a convertible-centrichedge fund to our LRG Capital Funds (formerly BayStar Capital Funds)platform."
Adds William Ellsworth, Admiral's CEO/CIO: "As fundamentals havedeteriorated, the recession/reflation struggle leads to sharp directionalmarket movements which create hedged-directional opportunities -- theFlagship Fund employs a tactical disciplined strategy intended to takeadvantage of market movements."
The LRG Capital/Admiral Flagship Fund uses fundamentally based andtactically driven volatility, credit, hedged directional and relative valuesub-strategies employed through convertible securities as well as othersecurities in the capital structure and related derivative instruments. Theactively managed strategy differentiates the LRG Capital/Admiral FlagshipFund from an indexed traditional convertible arbitrage approach. To createalpha, the team opportunistically overweights, underweights or eliminatescertain sub-strategies, market sectors and securities.
The senior team at Admiral Capital is an experienced, cohesive,market-tested portfolio management team that has worked together prior toAdmiral. Over the past 20 years, William Ellsworth, CEO/CIO and PortfolioManager of the Fund, has managed convertible arbitrage portfolios throughnumerous market cycles with a demonstrated record of creating alpha. Hisvast experience includes 12 years as Head of Convertible Trading at severalmajor global investment banks including Smith Barney, CIBC, WachoviaSecurities and Morgan Stanley.
For more information about the Fund, contact Kevin Crouchley, Admiral'sManaging Member/COO at 203-422-7290 or Heather Ross, LRG Capital's ManagingDirector, Sales & Marketing at 415-834-4646.
About LRG Capital Group, LLC
LRG Capital Group (www.lrgcapital.com) is a global investment, banking andadvisory boutique that focuses on public and private companies in thetechnology, life sciences, hospitality, real estate and entertainmentsectors. Founded by Lawrence Goldfarb, the firm provides capital viaprivate equity, commercial loans and structured debt financing, and guidesand advises clients on mergers and acquisitions, corporate finance andother strategic alternatives. Based in San Francisco with offices in NewYork and Miami, LRG Capital excels at relationship-focused guidance andfinancing.
About Admiral Capital Management, LLC
Admiral Capital Management, LLC, based in Greenwich CT, is a RegisteredInvestment Advisor formed to manage the Admiral Flagship Funds. Admiral isan ERISA-compliant, qualified plan asset manager providing all activeinvestment decisions for the onshore and offshore Flagship Funds.
This release is for informational purposes only and does not constitute anoffering of securities.
Media Contact:
Alexis Banducci
LRG Capital Group
(415) 834-4664
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